Bitcoin Lingers Near $26.5K
By Laxmikant Khanvilkar
The U.S. lawmakers made a small progress in debt ceiling talks helped investors to stay positive on the outcome. As a result, virtual digital assets (VDAs) led by Bitcoin (BTC), Ethereum (ETH), and others have managed to carve out gains even though the unexpected strong jobs and productivity data placed rate hike prospect back on the table.
House lawmakers reported progress in the discussions, although whether they and the Biden Administration reach an agreement remains uncertain.
Bitcoin hovered between $26,400 and $26,500 level, a little above where it spent the previous day but below the tight range it held for the previous 12 days in May.
Ether, the second largest crypto in market value, was similarly range-bound, changing hands just above $1,800, up roughly 0.5%.
Other major cryptos were mixed after edging up slightly earlier in the day.
IC15 index, the barometer of top 15 tokens, stands at 37079 points, up 0.5%.
The global crypto market cap increased 0.43% to $1.11 tn over the last 24-hours. The total crypto market volume, during the same time, decreased 16.39% to $30.22 bn. The total volume in DeFi is currently $1.87 bn, 6.20% of the total crypto market volume. The volume of all stablecoins is now $27.87 bn, which is 92.22% of the total crypto market volume.
Bitcoin’s dominance is currently 46.23%, an increase of 0.14% over the day.
For now, we are stuck in a holding pattern of sorts until we see a resolution to this debt ceiling crisis, analysts said.
Meanwhile, a strong forecast by graphics-chip giant Nvidia based on the surging needs of artificial technology seemed to send tech stocks rising as the tech-focused Nasdaq Composite surged 1.7%.
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